Okay, this one has me stumped. A consumer received a letter that said:
“your loan credit has been retracted because you didn’t make your first 12 Monthly Payments on time.
When the loans listed below were disbursed, you were awarded the opportunity to receive a 99.999 percent loan credit. This credit was based on the Original Principal loan balances, minus cancellations, refunds, and returned disbursements. In order to earn the credit you would have needed to make your first 12 Monthly Payments by their due dates as initially scheduled in the original repayment disclosure statement. Unfortunately, because you didn’t meet this requirement, the credit has been added back to your principal balance, increasing the amount you must repay.”
The loan date was five years ago.
Please comment below and help solve the mystery.
